Plain language law

New Zealand law explained for everyone

Income Tax Act 2007

Timing and quantifying rules - Income equalisation schemes - Refunds: general provisions

EH 29: Deposits from which refunds come

You could also call this:

“How refunds are taken from your deposits in order”

When you get a refund, it’s treated as if it comes from all the deposits you’ve made. The refunds are taken from your deposits in the same order that you put the money in. This means the first deposit you made is the first one that the refund comes from, then the second deposit, and so on. It’s like taking money out of a stack of piggy banks in the order you filled them up.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM1514881.

Topics:
Money and consumer rights > Taxes
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“Rules for the smallest amount you can get back from your income equalisation account”

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EH 30: When person entitled to tax credit, or

“When you can get a tax credit for a refund”

Part E Timing and quantifying rules
Income equalisation schemes: Refunds: general provisions

EH 29Deposits from which refunds come

  1. Each refund a person is given is treated as coming from the total amount of their deposits in the order in which the person made the deposits.

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